Obama’s Homeowner Affordability and Sustainability Plan, which focuses on three areas and already has its share of proponents and naysayers, could help seven to nine million people throughout the country save their homes.
The plan includes refinancing between four and five million responsible homeowners to make their mortgages affordable, a $75 billion homeowner initiative to reach three to four million at-risk homeowners and supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.
“We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes,” Obama said shortly after he signed the $787 billion stimulus package into law.
One day after Obama outlined the framework of his proposal, ACORN officials in New York began a “Home Stayers” campaign – one that is taking place nationally – where they are encouraging families that may face eviction from foreclosure to remain in their homes.
“After seeing 2.3 million families lose their homes in 2008, ACORN is taking dramatic action to combat the decimation of our communities by disrupting foreclosure auctions and developing teams of community residents ready at a moment’s notice to block foreclosure evictions and keep hard-hit families in their homes,” said Julie Boyd, Chair of the Crown Heights ACORN Chapter. ACORN said they would continue these disruptions until Obama’s plan goes into effect.
Homeowners like Myrna Millington or Laurelton, who refinanced her home to fix it up and only realized that her monthly payments of $3,000 were much higher than she could ever afford after it was too late, are prepared to do battle to save their homes.
“I have done everything to save my home – and I will continue to, even if that means staying here after the banks tell me I have to leave,” said the 74-year-old Millington.
Queens has been at the heart of the foreclosure crisis with more than 5,000 borough homeowners receiving foreclosure notices in 2008 with the highest concentrations of the foreclosures in pockets of southeast Queens.
“Homeowners like Myrna Millington across this borough and throughout southeast Queens, many of whom were preyed upon by unscrupulous lenders and pushed into sub prime loans, should be allowed the time to work with the lenders and the banks to stay in their homes through a loan modification or other means,” said Queens City Councilmember Thomas White.
